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FINANCIAL NEWS
Egypt’s expenditures to stand at USD100b in next fiscal yr
16 Apr 2013
(MENAFN) The Egyptian cabinet announced that the country’s expenditures would reach USD100 billion during the fiscal year starting July 1, 2013, according to the draft budget submitted to the Shura Council, reported Xinhua News citing official news agency MENA.
The country’s revenues are projected to reach USD72.15 billion whereas the budget deficit would stand at USD28.66 billion.
In the mean time, loans from abroad would increase to USD28.62 billion
The country, which has been granted USD5 billion from Libya and Qatar at the start of the current month, is attempting to get a USD4.8-billion rescue loan from the International Monetary Fund (IMF) to shore up its economy.
It is worth noting that the Shura Council has the right to review the draft for endorsement or amendment, and then it will refer it to the presidency for approval.
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